#TORONTOMARKETSTATS
(Note: Numbers in parentheses represent July stats)
August gave warm temperatures and saw 4,207 (5,108) new listings hit the market with an average sold price of $1,000,008 ($1,016,580). Properties stayed on the market for 19 days (16) on average. With the season in full swing and after the long struggle with COVID, the drastic 43% drop in new listings compared to an unusually active period last year comes as no surprise.
The decrease in supply pulled up the housing prices as clearly expressed in the numbers below:
– Detached homes are still the most in demand and had the most significant jump in price selling on average for $1,674,641 ($1,633,649) and up 11.2% YOY (6%).
– Semis are second favorites going on average for $1,214,624 ($1,205,814) and 4.1% YOY (2.1%).
– Condos are back on the rise selling for an average of $720,832 ($715,988), 7% (4.8%) higher than August last year.
– It’s a different story for townhomes, the only housing type with a downward trend. The average sold price decreased to $1,159,794 ($1,172,796) and though it is lower than July’s 8.5% YOY, it is posted a 5.8% increase in comparison to the same month last year.
The thin housing supply and the continuously high demand generates more competition among buyers. We are looking forward to more properties coming to market this fall but it is still shaping up to be more of a seller’s market.
Buyers need not despair, just be prepared to contend with other offers. It is also a good idea to start looking for housing early, view more options, and consult with a pro to gain all possible advantages.
Whether you are looking to buy or sell, professional help can work wonders. If you are thinking about it, have any questions, or need assistance, drop us a line and we are always happy to discuss.